The Securities and Exchange Commission has reportedly sent subpoenas to the California-based automaker Tesla regarding its potential plans to go private. The subpoenas are intended to help the SEC determine whether or not Elon Musk’s tweets and blog posts considering taking the company private, and that he had the necessary funding lined up “intentionally misled investors.”

A subpoena would be one of the first steps in a formal inquiry. Shares of Tesla were down 3 percent in afternoon trading.